Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015

Read more

IN THE PAPERS

2014-07-14 09:21 IN THE WORLD PRESS

Read more

BUSINESS DAILY

Farnborough air show takes off but F-35 jet is grounded

Read more

IN THE PAPERS

Bastille Day celebrations

Read more

TOUR DE TECH

Read more

AFRICA NEWS

Ebola death toll increases in Sierra Leone

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

TALKING EUROPE

Viviane Reding, MEP, European People's Party

Read more

TALKING EUROPE

Schulz returns to Parliament presidency: back to business as usual?

Read more

  • Live: France celebrates Bastille Day

    Read more

  • In pictures: 2014 World Cup historic moments

    Read more

  • Boules and booze: Bastille Day à la New Yorkaise

    Read more

  • Senegal honours the soldiers who fought for France in WWI

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Operations underway to refloat shipwrecked Costa Concordia

    Read more

  • Germany defeat Argentina 1-0 to win fourth World Cup title

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Thousands flee northern Gaza after Israeli warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

Business

Adidas profit crashes in a first-quarter fall of 97 percent

©

Latest update : 2009-05-05

German sport equipment Adidas registered a 97 percent drop in net profit in the first quarter. Adidas also announced a major restructuring of its operations, including the elimination of regional headquarters in Europe and Asia.

AFP - The German sports equipment and clothing maker Adidas posted on Tuesday a whopping 97 percent drop in first quarter net profit to just five million euros (6.7 million dollars).

A company statement also said sales had fallen by a much more modest 2 percent to 2.58 billion euros in the first three months of the year.

"We feel the effects of the economic downturn in many of our key markets," the statement quoted Adidas chairman and chief executive Herbert Hainer as saying.

He added that the group's results had been "materially affected by higher input prices, currency devaluation effects and restructuring costs."

Adidas also announced a major restructuring of its operations that would include the elimination of regional headquarters in Europe and Asia.

Hainer said: "We are now in a position to make a game-changing structural refinement to our business," and added: "The current economic climate adds urgency to accelerate our plans."

Employee reductions were planned at the group's Reebok, Rockport and TaylorMade-adidas Golf divisions, the statement said, but no figures were provided.

Looking ahead, it added that Adidas' operating margin was expected to decline, but that earnings per share were expected "to be around breakeven in the first six months of 2009" before getting well back into the black later this year.

Date created : 2009-05-05

Comments

COMMENT(S)